Tuesday, April 7, 2015

Finances

 We're talking about money, people. Finances is just a fancier, less blunt word. Plus it starts with F! It's one of the leading causes of divorce, whether you have a lot or hardly any. Well money isn't really the leading cause, the leading cause is lying about money, or not agreeing about what to do with your money.
   Luckily for Dillon and I we don't have the problem of having a lot of money, so glad we dodged that bullet haha! But we still had to make a decision about our money nonetheless! For us it was really a no brainer about a joint checking account. Especially when we switched have 2 incomes to 1. Even before that though we knew we didn't want separate accounts. For one thing it keeps you accountable(pun not intended), there's no way you can hide your spending. Although we did have an issue with the bank we would use.
  The only problem with the bank we're using right now is there's not many locations and the closest one is like 30 minutes away. So if he's doesn't get to the bank in time on Friday he has to go first thing Saturday morning before it closes at 12pm. Recently though they came out with an app that lets you deposit it through a picture. There's one hitch though, if you do it after the closing time on Friday it sometimes doesn't go on until Monday or Tuesday of next week. So far we haven't had too many times that we don't get it deposited that same day, just enough to make it annoying!
  We thought about looking at other banks closer to us and with more locations available, but they all want an excellent credit score and 5 of your finest ox. It's a racket I tell you! So in a way the banks have kept us from fighting over what bank is best. Thanks banks!
   Another part of a couple's finances is figuring out what to do about your spending habits. How do you both come to a decision on a major purchase, such as a car. How much can the two of you spend without consulting the other about the purchase. For us we try to keep that at about the $20 range. That's what works for us.
   How did you and your significant other make decisions on your finances? If you're not married or have yet to make any moves on your finances together what have you thought about doing once the knot is tied?



                                           ^ Our first car!

25 comments:

  1. Nice looking car! I'm assuming Dillon's job doesn't do electronic deposit for paychecks? That would be a blessing if it did as it goes in on payday and there's no waiting period to be able to spend the money. I manage the finances here; we pretty much can spend what we want within reason without the other knowing. Big purchases of course we double check with each other. My sister in law and brother in law have a unique situaiton; they keep separate accounts. She pays for some things, he pays for others. They go out to eat with us and when its time to pay the bill, she brings out her share, he brings out his share. It works for them, but I thought it unique. She and him both had been married before, maybe its a carry over from the first marriage when things went wrong with their first spouse.

    betty

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    1. No they don't, yeah it would be great! I've heard of people doing that. It could be! Thanks for reading Betty!

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  2. Finance was a major issue in my life; as I was married into a joint family where my mother in law, sister in law and brother in law lived with us.( in India it is common to live in a joint family,ofcourse its changing now) My husband being the eldest in the family had responsibility to settle both my sister in law and brother in law in marriage, and also take care of his mom, as his father left her with his children when they were young. My husband had to think for all of them; and his salary and my salary both went for the maintaining the family... I waited for 5 years to see how actually the finance is being used and then decided that to separate and have my own account. today I am glad to have made the decision - because of which there is some saving for our family(meaning me my husband and our children, I lost one child who was donwsyndrome) I was able to get an apartment for ourselves, and with my husband's salary we got both brother and sister married... its not easy to deal with finance when you have the other family members have a say in how to spend.. it was nice to read your post..

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    1. Yeah that can be a challenge I'm sure. I remember you mentioning you child on your blog, I'm sorry. Thanks for reading Angela!

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  3. Finance was a major issue in my life; as I was married into a joint family where my mother in law, sister in law and brother in law lived with us.( in India it is common to live in a joint family,ofcourse its changing now) My husband being the eldest in the family had responsibility to settle both my sister in law and brother in law in marriage, and also take care of his mom, as his father left her with his children when they were young. My husband had to think for all of them; and his salary and my salary both went for the maintaining the family... I waited for 5 years to see how actually the finance is being used and then decided that to separate and have my own account. today I am glad to have made the decision - because of which there is some saving for our family(meaning me my husband and our children, I lost one child who was donwsyndrome) I was able to get an apartment for ourselves, and with my husband's salary we got both brother and sister married... its not easy to deal with finance when you have the other family members have a say in how to spend.. it was nice to read your post..

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  4. Ugh, my husband and I got married last May and w're STILL trying to get our finances straightened out.

    Good luck with the 2015 A to Z Challenge!
    A to Z Co-Host S. L. Hennessy
    http://pensuasion.blogspot.com

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    1. It's a process! Thanks for reading S.L.!

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    2. A great resource is Dave Ramsey's Financial Peace University - see if it is offered in your area. When you take it together, you're on the same page from the beginning.

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  5. We stuck with my husbands bank, because mine was a total pain with wonky hours, plus they can be a bit rude (much bigger bank, less small town feel, if that makes sense). Anyway, I think finances change over time, so having a regular "time out" to discuss spending/saving is always a must. Not always fun, but necessary. ;)

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    1. I totally get that, you're right it has to be an ongoing discussion! Thanks for reading Heather :)

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  6. We're doing many of the same things: joint checking and talking about major purchases. I do have a separate account though, just in case. In case of what? Not sure, but it's there if I need it.

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    1. That's great that y'all have made a decision on this. Thanks for reading Tamara!

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  7. I've been happily married for 19 years this year, and I swear one of the reasons for this is that we keep our finances almost completely separate. We don't have any joint bank accounts, because we like to manage money very differently - my husband is far more laid back than me when it comes to money. It works well for us, and I swear has avoided very many arguments over the years. :)

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    1. That's probably a good idea with two different views on money. Thanks for reading Caroline :)

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  8. What a cute couple you guys make!

    My husband and I have never really fought over money. We have kids, so they take it all.

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    1. Thanks! Haha I like that! Thanks for reading Elizabeth!

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  9. Joint accounts, I handle all the finances because DH travels a lot. We use a zero-balance budget, every dollar is allocated to a budget category. We keep a Freedom Account - deposit a certain amount each month to build up those annual (or every six months) items like car insurance, home warranty, Christmas budget and also to build up a reserve for unplanned events. $1000 in an Emergency Fund was the first thing we set up - this is a great chart to make saving that $1000 a little easier - http://www.40isthenew65.com/12-month-money-challenge/.

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    1. It sounds out y'all have worked out a great system. Thanks for reading Pamela!

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  10. We are also managing with one income. I quit my job when we had kids. It's a tough decision - is it more important to have the second income, or to have a parent home with the kids. Everyone has to decide what is best for them. New follower here. I'm stopping by from the "A to Z" challenge, and I look forward to visiting again!

    Sylvia
    www.writinginwonderland.blogspot.com

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    1. You're right, it's all about what is best for your family and not the family down the street. Thanks for following and thanks for reading Sylvia!

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  11. You are so correct on this one! I was a stay at home mom and now we are getting ready to send our oldest off to college...yikes $$$$$$$

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    1. Wow, that's a big step! Thanks for reading Andrea!

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  12. When Ole Boy and I married, he kept his finances at his bank, and I kept mine at the credit union. Some 18 years later, that's how it still is. Works for us. I don't ask questions about his money, and he doesn't ask questions about mine. We are both on each others account, and we have a joint savings. For big purchases, like a car, we agree first to do it, how much of the payment each of us will make, then find a vehicle. It takes a lot of trust to do it that way. ☺

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    1. It's all about having a system that works for y'all! Thanks for reading!

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  13. Have you looked into a credit union instead of a bank? If you have the option, credit unions can be wonderful.

    We maintain separate accounts, but still consider it "our" money, not "yours" and "mine". We just find it more convenient to have separate checking and joint savings.

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